Business
Li Auto says order intake falls short of expectations as profits collapse
By Steve Goldstein
Li Auto shares fall as company's outlook also lags expectations
Chinese electric vehicle maker Li Auto said order intake was worse than expected in March as its profits fell in the first quarter.
Li Auto said its first-quarter profit fell 37% to 591 million renminbi while sales rose 36% to 25.63 billion renminbi ($3.6 billion).
Its adjusted earnings per share were 1.21 renminbi, or 17 cents per share. Analysts polled by FactSet expected earnings of 24 cents per share on revenue of $3.69 billion.
Li Auto (LI) shares fell 13%.
Li Auto said deliveries totaled 80,400 vehicles, up 53% year-on-year. In March, it launched the Li Mega, which is its first high-power battery electric vehicle.
At the end of the quarter, it launched the Li L6, a premium five-seat family sport utility vehicle.
It is targeting revenue of between $4.1 billion and $4.3 billion for the second quarter, below consensus expectations of $5.17 billion, on deliveries of between 105,000 and 110,000 vehicles.
-Steve Goldstein
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05/20/24 1046ET
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